*AV*--SCARY ADPT STUFF
I have been on this kick about ADPT recently and made a comment somewhere (If you know where or which post of mine it was) about all the cash they had on hand and why they were really foolish not to take some of this cash and put it to good use in a buyback program.
Actually, I said why not go out and repurchase close to 10% of the shares (10,000,000 shares to use the exact figure) as an solid investment.
Well, somebody must have been listening to me and read my post (wherever it was) because:
Tuesday January 20, 4:05 pm Eastern Time
Company Press Release
Adaptec Announces Stock Repurchase Program
MILPITAS, Calif.--(BUSINESS WIRE)--Jan. 20, 1998--Adaptec, Inc. announced today that its Board of Directors has
approved a stock repurchase program under which the company is authorized to purchase up to 10,000,000 shares of its
Common Stock from time to time in the open market.
Paul Hansen, Adaptec's Chief Financial Officer, stated that the Company's decision was made in view of the prices at which
the Common Stock has recently traded. He also said that the Company planned to reissue the shares acquired in the
repurchase program upon the exercise of options granted under the Company's stock plans and upon purchase of shares
pursuant to the Company's employee stock purchase plan.
Scary that I had the number precisely to the amount they decided on.
Only difference is that I would have done it at a cheaper price. I saw the real bargain<GGG>.
Andrew |
